India’s Fashion and You, an invitation-only shopping site, has raised USD40 million from a group of investors led by Norwest Venture Partners and Intel Capital. This is touted to be the highest investment in e-commerce space in the country, signifying the growing interest of the investors’ community in the e-commerce space in India.
For the company, it was the third round of investment – and also saw participation from Sequoia Capital India and Nokia Growth Partners. Fashion and You raised its first round of funding during its inception – from European and Indian private investors. In the second round, it raised USD8m from Sequoia Capital India. That was in December last year.
Confirming the latest development, Fashion and You CEO Pearl Uppal said on Tuesday that the company would invest the fund in supply-chain management. "We’ll also expand into additional categories, and make strategic acquisitions to complement our existing business lines," she told Business Standard.
(Source: Business Standard)